Ligand Pharmaceuticals (LGND) priced an upsized private offering of $625 million of 0% convertible senior notes due 2031, the company said Tuesday.
Initial purchasers have a 13-day option to buy up to an additional $75 million of notes, Ligand said.
The company said it expects to use proceeds to fund convertible note hedge transactions, share repurchases and for general corporate purposes.